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D
dorothy_81
June 6, 2019
Question

How much do i need for medial deductions to bring down my owe costs on taxes?

  • June 6, 2019
  • 1 reply
  • 0 views
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1 reply

S
SueT
June 6, 2019

The deduction for medical expenses is limited to the amount in excess of 10% of your adjusted gross income (7.5% if you (or your spouse) are over 65 years old. So, for example, if your adjusted gross income is $40,000 and you have $5,000 in medical expenses you would be entitled to an itemized deduction of $1,000 (40,000 x 10% = 4,000   5,000-4,000=1,000).

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